our bonds and stocks was caused by a money stringency
in England, not by any loss of value or credit in the securities
themselves. We could not, however, wholly escape the ill effects of a
foreign monetary agitation accompanied by such extraordinary incidents
as characterized this. It is not believed, however, that these evil
incidents, which have for the time unfavorably affected values in this
country, can long withstand the strong, safe, and wholesome influences
which are operating to give to our people profitable returns in all
branches of legitimate trade and industry. The apprehension that our
tariff may again and at once be subjected to important general changes
would undoubtedly add a depressing influence of the most serious
character.

The general tariff act has only partially gone into operation, some of
its important provisions being limited to take effect at dates yet in
the future. The general provisions of the law have been in force less
than sixty days. Its permanent effects upon trade and prices still
largely stand in conjecture. It is curious to note that the advance in
the prices of articles wholly unaffected by the tariff act was by many
hastily ascribed to that act. Notice was not taken of the fact that the
general tendency of the markets was upward, from influences wholly apart
from the recent tariff legislation. The enlargement of our currency by
the silver bill undoubtedly gave an upward tendency to trade and had
a marked effect on prices; but this natural and desired effect of the
silver legislation was by many erroneously attributed to the tariff act.

There is neither wisdom nor justice in the suggestion that the subject
of tariff revision shall be again opened before this law has had a
fair trial. It is quite true that every tariff schedule is subject to
objections. No bill was ever framed, I suppose, that in all of its rates
and classifications had the full approval even of a party caucus. Such
legislation is always and necessarily the product of compromise as to
details, and the present law is no exception. But in its general scope
and effect I think it will justify the support of those who believe that
American legislation should conserve and defend American trade and the
wages of American workmen.

The misinformation as to the terms of the act which has been so widely
disseminated at home and abroad will be corrected by experience, and the
evil auguries as to its results confounded by t